Ziegler Closes $48.7 Million Financing for Rosedale Green

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Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $48,700,000 non-rated, fixed-rate, Series 2015 Bond issue for Kenton Housing, Inc. (the Corporation) d/b/a Rosedale Green, a new client to Ziegler.

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Ziegler is proud to have had the opportunity to serve as underwriter for the Rosedale Green Series 2015 bond issue. Rosedale is among the most progressive nursing and assisted living providers that we have worked with...

Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $48,700,000 non-rated, fixed-rate, Series 2015 Bond issue for Kenton Housing, Inc. (the Corporation) d/b/a Rosedale Green, a new client to Ziegler.

The Corporation was incorporated in 1962 as a Kentucky not-for-profit corporation for the purpose of providing housing, health care, home health, and other related services to the elderly. Currently the Corporation operates a successful 210-bed skilled nursing campus in Covington, Kentucky (Rosedale Green – Covington). Rosedale Green – Covington has been repositioned several times, most recently in 1992 when the facility existing today was constructed on a little over 11 acres, approximately two miles south of Cincinnati, Ohio.

The Corporation is embarking on a growth and redevelopment plan to expand with a second nearby location and reposition its existing facility (together, the Project), both to be designed to the standards of a modern, resident-directed household model settings for assisted living and skilled nursing.

Rosedale Green plans to construct a new 74-unit senior living facility in Elsmere, Kentucky (Rosedale Green – South) consisting of 54 skilled nursing beds and 20 personal care memory support units. CON licenses for the 54 skilled nursing beds at Rosedale Green – South will be provided by transferring 34 beds from Rosedale Green – Covington and placing into operation 20 purchased beds. Construction is planned to take 12 months with a 10-month fill to stabilized occupancy. Three months after the commencement of construction of Rosedale Green – South, Rosedale Green – Covington will begin a phased renovation by taking some beds out of service as households are renovated. This renovation is planned to take 20 months. The first stabilized year of the Project is 2018. Parties involved in this Project are ActionPact Development (development consulting), Reese Design Collaborative, Inc. (architect), zumBrunnen (construction monitoring) and PARIC Corporation (contractor). The Rosedale Green – South campus is large enough to accommodate a potential expansion if the Corporation chooses in the future.

The Series 2015 Bonds will be issued to (i) fund $33.477 million of capital expenditures to renovate Rosedale Green – Covington and build a second campus, (ii) refinance the existing Series 2008 Bonds, (iii) fund a debt service reserve fund, (iv) fund funded interest on the new money debt for 26 months, and (v) pay a portion of the costs of issuance. The Corporation is the sole member of the newly formed Obligated Group. The Series 2015 Bonds will, at issuance, be the only obligation of the Obligated Group.

“Ziegler is proud to have had the opportunity to serve as underwriter for the Rosedale Green Series 2015 bond issue. Rosedale is among the most progressive nursing and assisted living providers that we have worked with and their strategic plan represents a dynamic vision of the future in which they will be a leader in the provision of dignified residential care for seniors. The Series 2015 issue experienced broad investor participation and was an unqualified success,” commented, Tad Melton, Director in Ziegler’s senior living practice.

Ziegler is one of the nation's leading underwriters of financing for not-for-profit senior living providers. Ziegler offers creative, tailored solutions to its senior living clientele, including investment banking, financial risk management, merger and acquisition services, investment management, seed capital, FHA/HUD, capital and strategic planning as well as senior living research, education, and communication.

For further information on the structure and use of this issue, please see the Official Statement located on the Electronic Municipal Market Access system's Document Archive.

For more information about Ziegler, please visit us at http://www.Ziegler.com.

About Ziegler:
The Ziegler Companies, Inc., together with its affiliates (Ziegler), is a privately held, specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion, and education, as well as general municipal and structured finance. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler provides its clients with capital raising, corporate finance, FHA/HUD, strategic advisory services and research. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.

Certain comments in this news release represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. This client’s experience may not be representative of the experience of other clients, nor is it indicative of future performance or success. The forward-looking statements are subject to a number of risks and uncertainties, in particular, the overall financial health of the securities industry, the strength of the healthcare sector of the U.S. economy and the municipal securities marketplace, the ability of the Company to underwrite and distribute securities, the market value of mutual fund portfolios and separate account portfolios advised by the Company, the volume of sales by its retail brokers, the outcome of pending litigation, and the ability to attract and retain qualified employees.
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Leslie Weir
Ziegler
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